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90 among themselves, promote magnanimity in their pecuniary relations with each other. These assertions are verified and strikingly illustrated by the fact that transactions amounting to from 300 to 700 thousand shares of stock, involving from 20 to 50 millions in value and many hundreds of thousands of dollars in profits and losses take place daily for months at a time, without giving rise to a dispute that is not good-naturedly settled on the spot



by an appeal to the bystanders, or by the toss of a coin; while a resort to the courts between members growing out of these enormous transactions is almost unknown. The Exchange has its own tribunal in its "Arbitration Committee," to which are referred all questions between members too serious for instant adjustment by the simple methods above referred to, with the right of appeal to the whole body of the Governing Committee; and the decisions thus reached are accepted as final. The government of the Exchange is vested in a Governing Committee, consisting of forty members, one-fourth of whom are chosen at each annual